<h1>Stock markets retreat ahead of Union Budget as heavy selling in metal and IT fuels volatility and cautious positioning</h1> Equity markets weakened ahead of the Union Budget as heavy selling in metal and IT sectors, profit-booking, and FII outflows increased market volatility; this prompted cautious pre-Budget positioning and limited intra-day recoveries by selective blue-chip buying. Sectoral effects included sharp declines in metal and commodities and gains in telecommunication and FMCG, with sustained rupee depreciation and global macro headwinds cited as drivers; the pre-Budget Economic Surveys growth projection and an announced special market session for the Budget framed imminent fiscal-signalling implications for investor sentiment.